After a second evaluation is over, the RTR program will pick back up with "renewed momentum," according to Payments Canada.

As a component of a multi-year, multi-system modernization program for payments, RTR will enable Canadians to send and receive irreversible cash in real time, around-the-clock. Additionally, in order to support payment information flowing with every payment, the system will leverage the ISO 20022 communications standard.

The Interac-supplied exchange component was finished in June 2023 and will enable real-time payment message exchange.

Building the real-time clearing and settlement component is the second part of the project that has not yet been completed. This process will go until 2024, after which testing will start in 2025 and industry testing in 2026.

Jude Pinto, the interim co-CEO of Payments Canada, has provided no launch date; all he has said is, "We know the ecosystem is anticipating the launch of the RTR, and we will have further details to share in the coming months."

Initially, TCS was brought on board as the integration lead, while Vocalink, owned by Mastercard, was tasked with supplying the clearing and settlement infrastructure.

But in its update, Payments Canada welcomes new partners IBM Canada and CGI in addition to Interac, without mentioning either company. When Finextra questioned if Mastercard and TCS were still involved, the representative remained silent.

According to Pinto, the collective focus lies in constructing a sustainable real-time payment system. This system aims to support long-term payment innovation and the ongoing advancement of Canada's economy and international economic competitiveness. Additionally, it seeks to deliver value and benefits to Canadian consumers and businesses.

Following several delays, the RTR's most recent "path forward" is now available. Prior to a mid-2023 launch date being decided upon, a 2019 launch date had been suggested. But early in the year, Payments Canada hired an outsider to examine delivery assurance, concentrating on program management, personnel, and procedures.

This study, which was finished in Q1, suggested more testing and financial outlays to guarantee continued operations following the RTR system's go live. This week's update resulted from the second review that was sparked by that.

The Lynx high-value payment system, the other part of Canada's payments modernization project, was successfully introduced in 2021.